From Investing.com: 2024-05-13 22:46:14

Most Asian stocks traded within a tight range as investors awaited key U.S. inflation data. Chinese markets declined as another major property developer defaulted on bond payments. U.S. stock index futures were also rangebound in Asian trade.

Chinese stocks dipped 0.3% as property market stocks fell, driven by Agile Group Holdings Ltd defaulting on an interest rate payment. Hong Kong’s property market slump continued, overshadowing optimism from Beijing’s fiscal stimulus plans. Technology stocks in Hong Kong advanced ahead of earnings but sentiment towards China remained uncertain.

Broader Asian markets were subdued as focus shifted to upcoming U.S. inflation data. Japan’s Nikkei rose 0.1% thanks to SoftBank Group Corp bouncing back. Australian stocks fell 0.3% while South Korea’s market remained flat. India’s market futures pointed to a flat open, with investors cautious ahead of the 2024 general elections.

Investors across Asian markets awaited U.S. inflation data amid concerns of interest rate changes by the Federal Reserve. Sticky inflation could dampen expectations of rate cuts, potentially causing market turbulence. The Fed is likely to hold off on trimming rates as inflation is projected to remain above the 2% target rate.



Read more at Investing.com: Asian stocks rangebound before U.S. inflation, China hit by property woes By Investing.com